Gambling.com Group said year-on-year growth in every region helped deliver record Q1 revenue of US$29.2m, up nine per cent.
Gross profit rose five per cent to $27m while total operating expenses increased nine per cent to $19.1m, reflecting increases in sales and marketing, technology and “general administrative expenses.”
Adjusted EBITDA in Q1 was $10.2m, Gambling.com Group said, reflecting an adjusted EBITDA margin of 35 per cent compared to adjusted EBITDA of $10.7m and a margin of 40 per cent in the prior year period.
Operating cash flow increased 24 per cent to $8.8m.
However, updates from Google in May have led the company to lower its 2024 revenue guidance to a maximum of $122m from a previously forecasted maximum of $133m.
Adjusted EBITDA forecasts have also gone down to a maximum of $44m from a maximum of $48m, due to updates to Google’s commercial content ratings on authority websites that, “at present, diminishes the effectiveness of the company’s media partnerships,” Gambling.com Group said.
CEO and co-founder of the group, Charles Gillespie, said: “Even with these shifts in the digital landscape, the strength and resilience of our business will enable us to deliver strong year over year adjusted EBITDA and free cash flow growth.
“With less competition in the search engine results pages, our owned and operated assets are better positioned for the long term than ever before.”
He added on Gambling.com Group’s Q1 revenue: “The investments we have made for years in our proprietary technology, website portfolio and accretive acquisitions are driving consistent growth.
“As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher adjusted EBITDA and free cash flow.”
